Why companies still don't have a plan against Digital disruption

Digital disruption

Companies globally are worried about digital disruption. Firms are being disrupted by innovative digital platforms.Many companies are facing disruption in their own industries and hence are under pressure to rethink their processes in order to keep pace with the current market forces.
In today’s hyperdigitized world driven by rapidly evolving technologies, new entrants into market and ever changing customer demands, enterprises need to take action to be competitive and ensure survival.
Companies need to safeguard themselves against five forces that are set to disrupt the business landscape. These forces are Hyper Disruption, Digitization, Autonomous action, Cloud imperative and enterprise consumerization.

Enterprises are facing digital disruption

• Enterprises are increasingly facing disruption both internally and externally across all industries at an unprecedented scale.Companies are struggling to keep up with advanced customer demands and dynamics, access to the right talent and adapting to the new business models that are introduced by the new age digital startups.
• In addition, enterprises are not fully prepared to strategically address market disruption driven by competitors and digital natives.

Digital disruption 1 – Digitization at scale

• Rapid digitization at scale are helping businesses to address growing customer expectations for rapid and personalized engagement.Hence enterprises are beginning to refine their business processes and operations in order to digitize their businesses.
• Almost all companies are in the process of either moving to a digital business or are in the pilot phase in using digital technologies to change their business models.Some companies have started to implement digital transformation at an enterprise level but majority of them are still limiting their digitization efforts across certain aspects of their business.Very few companies are successful in realizing widespread digital transformation.
• Companies are still operating in data silos and need to build an approach in managing data accessibility by breaking multiple data silos in order to become a digitally pervasive business.

Digital disruption 2 – Autonomous Action

• Today we are inundated with data as data continues to grow exponentially. Companies need to leverage this vast amount of data to find answers to the tough questions if they want to achieve digitization. In order to accomplish this goal, enterprises need to leverage Artificial intelligence, Machine learning and autonomous platform.AI technology has truly got the potential to play a vital role in the future of digital transformation.
• Many companies are digitizing their businesses keeping AI in mind.They are leveraging AI and ML in many areas of their business with approximately 33% of companies already in pilot stage.

Digital disruption 3 – Cloud Imperative

• For AI to realize it’s full potential and operate at scale, it is very important to have a strong cloud analytics infrastructure in place.Though the cloud have shown promise in driving data analytics, many enterprises are yet to adopt Cloud analytics.
• Companies who already have moved their data analytics workloads in the cloud are looking at AI playing a major role in their overall cloud strategy.In order to achieve this, the cloud analytics strategy initiatives need to be given a high priority within the organization.
• Many companies still maintain their data analytics applications on premise and are in the process of moving their applications to cloud.

Enterprise Consumerization

• Cloud has many benefits but the main reason why cloud adoption is very high is because of its ability to provide businesses with greater simplicity and ease of use.
• Companies are continuing to face operational bottlenecks and complexity, so they are turning to technology in order to become more agile and remove friction from their business processes.
• Hence companies are transforming their business operations in order to become more agile in order to simplify and improve their operations.

Final Takeaway

Majority of companies globally struggle to keep up with digital disruption and are under pressure to rethink their process.The global digital market place is changing at a faster pace with new competitors, new business models, changing customer expectations and rapid technology advancements.